A new breed of multinationals from emerging economies is posting a new challenge to established giants from developed nations.A study by Boston Consulting Group (BCG) found 100 companies from emerging markets with total assets in 2006 of $520 billion, more than the world's top 20 car companies. By 2004 UNCTAD even noted that five companies from emerging Asia had made it into the list of the world's 100 biggest multinationals measured by overseas assets; ten more emerging-economy firms made it into the top 200.
According to BCG, they are fanning out around the world using a selection of five strategies :
- The first is taking brands from local to global.
- A second strategy is to turn local engineering excellence into innovation on a global scale.
- The third path to international success is going for global leadership in a narrow product category.
- Taking advantage of natural resources at home, and boosting them with first-class marketing and distribution.
- The fifth strategy is to have a new or better business model to roll out to many different markets.
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